Annual Report and Accounts 2012/13 - Royal Bournemouth Hospital

Financial Accountsl IAS 27 Separate Financial Statementsl IAS 28 Associates and Joint Venturesl IFRS 9 Financial Instrumentsl IFRS 10 Consolidated FinancialStatementsl IFRS 11 Joint Arrangementsl IFRS 12 Disclosure of Interests inOther Entitiesl IFRS 13 Fair Value Measurementl IPSAS 32 Service ConcessionArrangementsThe directors do not expect that theadoption of these standards andinterpretations will have a materialimpact on the financial statements infuture periods. All other revised and newstandards have not been listed here asthey are not considered to have an impacton the Foundation Trust.Prior year restatementsEach year, the reporting requirements ofFoundation Trusts are refreshed, and asa result, some income and expenditureclassifications may be updated toimprove transparancy. In these instances,both the current year and the prior yeardisclosures are updated. In addition, ifin preparing the accounts, correctionsare identified to prior year classifications,these will be updated and clearly markedas “restated”.1.2 IncomeIncome in respect of services provided isrecognised when, and to the extent that,performance occurs and is measuredat the fair value of the considerationreceivable. The main source of incomefor the Foundation Trust is contracts withcommissioners in respect of healthcareservices.Where income is received for a specificactivity which is to be delivered in thefollowing financial year, that income isdeferred.Patient related revenueRevenue is recognised when the servicehas been delivered, that is, in the periodwhen the services were provided. Atthe end of the financial year, a revenueestimate is recognised for patients whoare in hospital and have not completedtheir period of treatment (an incompletespell). This revenue estimate is based onthe level of treatment provided to date.Education and trainingRevenue is recognised when theconditions of education and trainingcontracts have been met.Non patient care servicesThis is the income in relation to theeducation and training of specific staffgroups. Income is recognised whenthe Foundation Trust has achievedits objectives as set out in the annualcontract.InterestInterest revenue is accrued on a timebasis, by reference to the principaloutstanding and interest rate applicable.Catering servicesThe Foundation Trust operates canteenservices for employees and patients.Revenue is recognised when theFoundation Trust sells to the employeesand the public. Canteen sales are usuallyby cash or by debit card.Rental incomeThe Foundation Trust owns someresidential properties which are let outto members of staff and related parties.Rental income is recognised on astraight-line basis over the term of thelease. Car park fees are recognised whenthe public have used the FoundationTrust’s facilities and are usually receivedin cash.Income from sales ofnon-current assetsIncome from the sale of non-currentassets is recognised only when allmaterial conditions of sale have been met,and is measured as the sums due underthe sale contract.22Annual Report and Accounts 2012/13